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Ohio Administrative Code (Last Updated: January 12, 2021) |
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3307:2 Defined Contribution |
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Chapter3307:2-4. Defined Contribution Plans - Service Credit |
3307:2-4-01. Participants generally ineligible to purchase credit [RESCINDED]
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Except as otherwise specifically provided by the plan document, Chapters 3307:2-1 to 3307:2-7 of the Administrative Code, or the Revised Code, defined contribution program participants are not eligible to make contributions or purchase credit for periods of time when they were not actually employed in covered teaching service and contributing to this retirement system. To the extent there is a specific provision permitting such contribution or purchase:
(A) The retirement system will issue a cost setting forth both the current cost of such purchase and the time period the cost statement remains valid.
(B) The participant may purchase all or part of eligible credit, provided that the minimum payment shall be the greater of the amount needed to establish one per cent of a year of service credit or two hundred dollars but in all cases the participant shall pay the full cost if the amount of the full cost is less than either two hundred dollars or the amount needed to establish one per cent of a year of service credit.
(C) Participants applying for service retirement must establish all service credit and contributions before the effective date of service retirement if credit or contributions for such service is to be included in the benefit calculation, except that:
(1) Payment to replace lost contributions from teaching service interrupted by military service or qualifying leaves of absences under rule 3307:2-4-03 of the Administrative Code will be accepted for three months after the effective date of retirement, and credit will be deemed to have been established and contributions posted prior to the effective date, provided:
(a) That prior to the effective date of retirement this retirement system approved an application to replace contributions from teaching service interrupted by military service or qualifying leaves of absence on forms provided by this system determining that the service qualifies for replacement of lost contributions; and
(b) That prior to the effective date of retirement this retirement system issued cost statements for the replacement of lost contributions, with costs calculated for the month in which payment is actually made; and
(c) That payment in full is received by the retirement system no later than the last day of the third month after the effective date of service retirement.
(2) An estimated or partial benefit may be paid prior to the final benefit determination only if a participant qualifies for retirement without regard to such service for which payment in full has not been received.
(3) That if payment in full is not received by the last day of the third month after the effective date of service retirement;
(a) The application to replace lost contributions shall be cancelled;
(b) The final benefit shall be calculated for a participant eligible for retirement without the service that could have been obtained had timely payment been received;
(c) The application for retirement shall be cancelled for any participant not eligible to retire without the service that could have been obtained had timely payment been received.